India Ratings for Indian debt instruments – Oct 30

    Oct 30 - Below are the ratings awarded by India Ratings and Research Private Ltd
(India Ratings), formerly known as Fitch Ratings India for local debt instruments as of
October 29, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
------                          ----------            ------          ------   ---------
Avtec Ltd                      Non-FB WC limits       IND A2           100     Affirmed
(reduced from INR422)
Jubilant Life Sciences Ltd     ST debt/CP programme   WD               4000    Withdrawn
(the company did not proceed with the instrument as envisaged)
Jubilant Generics Ltd          ST debt/CP (CP)        IND A1+/RWE      1500    Maintained on
                               programme*                                      RWE
* CP has been rated on a standalone basis
National Cooperative           CP (CP)                IND A1+          25350   Affirmed
Development Corporation

Avtec Ltd                      Long-TL                IND BBB+/Negative1820    Affirmed
(reduced from INR2,556)
Avtec Ltd                      FB WC limits           IND              2160    Affirmed
                                                      /IND A2
(reduced from INR2,180)
Avtec Ltd                      Proposed long-TL       WD               500     Withdrawn*
*The company did not proceed with the issuance as expected
Indo Rama Synthetics (I) Ltd   Long-TL                IND BBB-/Stable  4.7     Affirmed
(reduced from INR5)
Indo Rama Synthetics (I) Ltd   WC limits              IND              9       Affirmed
Jubilant Generics Ltd          Non-FB WC limits       IND A1+/RWE      2500    Maintained on
Jubilant Generics Ltd          FB WC limits           IND AA/RWE/IND   2500    Maintained on
                                                      A1+/RWE                  RWE
Jubilant Infrastructure Ltd    Non-FB WC limit        IND A2+/RWE      150     -
Maintained on RWE
Jubilant Life Sciences Ltd     Non-FB WC limits       IND A1+/RWE      7725    -
(reduced from INR 8400),Maintained on RWE
Jubilant Life Sciences Ltd     FB WC limits           IND AA/RWE/IND   4750    -
(reduced from INR 5500),Maintained on RWE
National Cooperative           TBs                    IND AA+/Stable   4500    Affirmed
Development Corporation
National Cooperative           TBs                    IND AA+/Stable   5500    Affirmed
Development Corporation
National Cooperative           Proposed bonds*        Provisional IND  10000   Assigned
Development Corporation                               AA+/Stable
(*The final rating will be assigned following the closure of the issue upon the receipt of final
documentation, conforming to the information already received by Ind-Ra.)
Patdiam Jewellery Ltd          FB Fac                 IND              210     Affirmed
Religare Housing Development   LT Bk loan#            WD               4900    Affirmed and
Finance Corporation Ltd                                                        Withdrawn
# Affirmed at ‘IND BB-’/Negative before being withdrawn
S V Creditline Ltd             Bk loans               IND BBB-/Stable  1000    Affirmed; Off
Note:- All Indian National-scale ratings previously assigned by Fitch have been transferred to
India Ratings & Research Private Ltd (India Ratings), which is a wholly owned subsidiary of the
Fitch Group. The withdrawn criteria are now available on India Ratings' website at

$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

INDIA RATINGS may apply + or - signs for ratings to reflect a comparative standing within the

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures; RWN- Rating
Watch Negative;
RWN- Rating Watch Evolve.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at